The Committee for Members in Practice (CMP) of ICAI as a part of its commitment to strengthen the Practitioners has initiated the Revised Minimum Recommended Scale of Fees for the professional assignments done by the members of ICAI. The recommendation is about the fee to be charged as per the work performed for various professional assignments. The fee has been recommended separately for Class A, Class B and Class C cities.
In the recommendations there is different fees for all types of services offered by a practicing CA to its clients.
You can download the recommendation from HERE.
Looking at the recommended minimum scale of fees many might think that the fees charged by a CA is very lucrative and people are earning good in this field but that’s not the actual picture. Such fees cannot be charged by every CA and not from every client. For eg: Minimum fees for GST registration is recommended as Rs. 10,000 for Class C cities or Fees for filing of income tax return for individual/ HUF with income from Salary/Other Sources/Share of Profit is recommended as 4,000 and above for Class “C” cities. Now class “C” cities means the most third tier cities and same fees in class “A” cities is Rs. 20,000 and 8,000 respectively.
It’s good that ICAI is recommending to charge such fees which will compensate their expense and then people could give quality work. However other than audit and issuing various certificates there is no exclusivity in work of a CA and therefore people get their GST registration for even free from various websites or get their return’s filed at a very cheap rates from graduates.
The second reason for such a thing is even the senior professionals are not charging such fees and therefore it comes as a hindrance for young professional’s in practice to charge such a fees. Also, because of increasing number of professionals being passed the quality of profession is reducing and hence many people are doing practice as a side income and then they don’t charge proper fees which in turn a person doing full time quality practice has to suffer as most work is procedural and since assessment is also done of very few cases, hence people are also not bothering whether they are getting quality work or not as long as they are getting it for cheap.
Therefore, it’s a request to the senior professionals to start charging a decent fees and start giving proper consultation and also it is a humble request to ICAI to give more quality results so that people who come in practice are giving quality service and are not doing it as part-time and righteousness of the profession is maintained.
This article is just for information purpose and are the personal views of the author, it is always advisable to hire a professional for practical execution. Also subscribe to our newsletter for latest weekly updates.